The Relative Strength Index (RSI) is a technical indicator used in financial markets to measure the speed and change of price movements. It ranges from 0 to 100 and is typically used to assess whether a stock or asset is overbought or oversold.
An RSI value above 70 indicates that the asset might be overbought, suggesting it could be overvalued and might experience a price correction. Conversely, an RSI below 30 indicates that the asset might be oversold, potentially signalling that it is undervalued and could experience a price rebound.
The stocks to watch out for are listed below
NTPC Green Energy Ltd
NTPC Green Energy Ltd (NGEL) is a wholly-owned subsidiary of NTPC Limited that acts as the umbrella company for all of NTPC’s green energy projects. Incorporated in April 2022, its main business is developing and operating renewable energy projects like solar and wind power.
With a market capitalization of Rs. 80,050.13 crores on Thursday, the stock closed at Rs. 95.00, with an RSI of 30.05, indicating that it is in the oversold zone, offering the potential for an upside bounce.
United Breweries Ltd
United Breweries Ltd (UBL) is India’s largest beer producer, headquartered in Bengaluru, with a legacy spanning over a century. The company is known for iconic brands like Kingfisher and also distributes other beverages like Heineken, Amstel, and packaged drinking water.
With a market capitalization of Rs. 44,966.06 crores on Thursday, the stock closed at Rs. 1700.65, with an RSI of 27.23, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Power Finance Corporation Ltd
Power Finance Corporation Ltd. (PFC) is a Maharatna CPSE and India’s largest government-owned non-banking financial company (NBFC) that provides financial assistance for the power sector. Established in 1986, it finances projects across generation, transmission, and distribution and has diversified into infrastructure and logistics.
With a market capitalization of Rs. 1,20,618.72 crores on Thursday, the stock closed at Rs. 365.50, with an RSI of 31.14, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Supreme Industries Ltd
Supreme Industries Ltd is India’s largest plastic processing company, established in 1942. It manufactures a wide range of plastic products across various categories like piping systems, molded furniture, and packaging. The company operates 29 advanced plants across India and exports to 31 countries.
With a market capitalization of Rs. 43,316.16 crores on Thursday, the stock closed at Rs. 3410.00, with an RSI of 22.87, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Written by Sridhar J
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